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IAG completes Equity acquisition

Insurance Australia Group has completed its previously announced acquisition of Equity Insurance Group, a UK motor insurer and broker business, for A$1.4 billion.

The acquisition, which was completed on January 8, 2007, received regulatory approval from Lloyd’s and the UK Financial Services Authority, and marks the Australian firm’s first move into the British insurance market.

IAG funded the acquisition through a variety of funds, including an institutional share placement, subordinated debt and internal funds.

Neil Utley, Equity’s CEO, has now joined IAG’s executive team.